A wave of job losses is feared when the Government begins winding down its furlough scheme for millions of workers hit by the Covid-19 crisis.
Chancellor Rishi Sunak has tried to reassure more than six million people getting the wage bailout that the scheme will not end on a “cliff edge”.
Currently, the Coronavirus Job Retention Scheme is due to run until June 30. One option being considered by the Treasury is “tapering” the current 80% of workers’ wages paid by the state to 60% initially, then further cuts over time.
But with around a quarter of the UK’s entire workforce furloughed, there are concerns that pulling the plug will lead to large-scale redundancies.